Hurricane Sandy Threatens Housing Recovery
It has been just a few short days since Hurricane Sandy ravaged the Atlantic coast, and New York and New Jersey have just started to asses the damages caused from the devistating hurricane. A reported $88 million dollars worth of real estate was threatened by Hurricane Sandy, and although the final total of the damages won’t be availble for some time, we do know that the devastation will be catastrophic.
A report from Yahoo News today suggests that the homes and lives of people will not be the only thing impacted by frankenstorm Hurricane Sandy. The historical impact of other storms and the damage to the real estate market from Hurricane Katrina in 2008 and the Tsunamis in Tokoyo in 2011 we can expect to see a huge impact on the housing market along the already struggling East Coast.
Although we do know that the damage will be devestating, we can also expect an upsurge after the recovery. Obviously the storm will hault a lot of economic activity, which will grow stagnant for a short period, followed by a quick bounce back.
Although we have welcomed back our long lost friend Rain here in the Northwest, it can’t quite compare to the devestation that the East Coast real estate market faces. It is times like these we realize that somethings are not as black and white as they seem. If you would like to donate to hurricane relief you can visit the American Red Cross website or Text 90999 to make a $10 donation via your cell phone.